Oracle unveils its blockchain cloud service to accelerate transactions across partner ecosystems

Representational Image. Reuters[/caption]Part of Oracle Cloud Platform, the 'Oracle Blockchain Cloud Service' will deliver an enterprise-grade blockchain platform with resilience, scalability and security, the company announced during the annual 'Oracle OpenWorld' here late on Monday."Oracle Blockchain Cloud Service provides enterprise-grade blockchain capabilities and is able to accelerate innovation for on-premises ERP and cloud-based Software-as-a-Service (SaaS) and Platform-as-a-Service (PaaS) customers," said Amit Zavery, Senior Vice President, Oracle Cloud Platform, in a statement.As part of its commitment to help enterprise customers realise the benefits of blockchain, Oracle recently joined Hyperledger.Hosted by The Linux Foundation, Hyperledger is an open source collaborative effort created to advance cross-industry blockchain technologies.Addressing the gathering at the event, Oracle CEO Mark Hurd said that by 2025, 100 percent of application development and testing will be conducted in the Cloud."Nearly 80 percent of production apps will be in the cloud, 80 percent of IT budgets will be spent on cloud services, 80 percent of IT budgets will be spent on business innovation and only 20 percent on system maintenance," Hurd added.All enterprise data will be stored in the cloud and enterprise clouds will be the most secure place for IT processing, Hurd said.